Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

[Japan M&A] Bloomberg Reports Bain MBO on Nissin (9066) May Come Monday - The Implied Price Is Light

Nissin (9066) - Super Big Buyback Race-Walks the Governance Walk - Super Cheap Logistics Biz

[Japan M&A] Bain Deal for Nissin (9066) Is Still Light Vs Comparable Deals

Quiddity Advisors

Event-Driven

<ul>
<li>On 12 May 2025, Bain Capital announced a deal to buy <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin Corp (9066 JP)</a>. The tender was VERY light in price (Bain's borrowing more than adjusted EV at TOB Price)</li>
<li>And it was very long at 41 days. As of Day 1, they announced a long list of "irrevocables" - 16 holders with 5.75% - who had agreed to tender. </li>
<li>Since then Bain have made 7 separate amendment filings detailing additional irrevocables and one <em>possible</em> additional tender agreement to get to 11.30%. Now it's extended. </li>
</ul>


On 12 May 2025, Bain Capital announced a deal to buy Nissin Corp (9066 JP). The tender was VERY light in price (Bain's borrowing more than adjusted EV at TOB Price)
And it was very long at 41 days. As of Day 1, they announced a long list of "irrevocables" - 16 holders with 5.75% - who had agreed to tender. 
Since then Bain have made 7 separate amendment filings detailing additional irrevocables and one possible additional tender agreement to get to 11.30%. Now it's extended. 


[Japan M&A] Bain Plays Announcement Games with Nissin (9066) MBO TOB - Noise A Possibility